Loading ...While the world watches Iran, Ukraine just set fire to Russia’s largest oil export terminal on the Baltic Sea.
Every barrel that does not load at Primorsk is a barrel that does not reach a European refinery. Every barrel trapped in the Gulf is a barrel that does not reach an Asian refinery. The planet is now short on both ends: the Gulf that feeds Asia and the Baltic that feeds Europe. The fertilizer plants, the ammonia synthesis, the urea granulation, the planting season, the food supply, the helium for TSMC, the chip fabrication: all of it runs on molecules that are currently either trapped behind a closed strait or burning in a fuel tank on the Baltic Sea.
Two wars. Two chokepoints. One planet. Zero spare capacity.